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It seems navigation device-maker TomTom is looking for some better direction, as the company’s first-quarter performance suffered a massive fall in net profits.
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From a global perspective, the price tag in the navigation device market has fallen as the competition gets aggressive, with TomTom’s American rival Garmin also engaging in tit-for-tat price cuts.
To add to its woes, TomTom, the world’s largest maker of car navigation equipment also said that European retailers were cutting down on stocks, leaving the company with piles of unsold units and forcing more price cuts to boost demand.
However, this inventory reduction was a “one-off effect that you will not see repeat itself” in the second quarter, Chief Executive Officer Harold Goddijn said, adding that he’ is “looking forward” to a “good” second quarter.
